TCF Bank moving HQ to Sioux Falls, but no local jobs lost

TCF National Bank announced Thursday that it will be moving its headquarters designation from Minneapolis to Sioux Falls, S.D. 

Usually this means major job loss, but TCF insists no Minnesota jobs will be lost due to the move, the Associated Press says.

TCF Bank's parent company (TCF Financial) is still based in Wayzata. TCF Bank's move will occur April 1 after the company opens its first Sioux Falls branch in March. Their "headquarters" will employ 10-15 people, but will still be designated as the headquarters. 

The company says it is only for legal purposes and simplicity and not for a tax break. Right.